Florida Investor Takes FlightTips for a new Florida real estate investor. Emailed correspondence regarding statute changes and current market conditions in Brevard County.
Hi James,
After reading your book, DEED PROFITS TODAY, I purchased a tax deed property a couple of months ago (3-2-2 for 24K!!) I'm ready to go back for more, but the laws have changed and our Clerk of Courts tells me she doesn't know when we will have another auction. The new law is 197.122. I read it but don't understand it. Do you know what's going on? And why Brevard County, Florida has suspended tax deed sales? G. Florida, great purchase and thanks again for ordering my materials. Changes in effect as of July 1,2011 to F.S. Chapter 197 brought forward by Florida HOR Finance & Tax Committee and how it effects us. With the new rules in play I imagine the tax deed sales will be suspended for a relatively short duration of time as the Clerk is now able to send certain tax notices and filings electronically where they were unable to previously. Change also includes reverting back to the "all taxes included into the opening bid at a tax deed sale" instead of the change previously entered. There is also an additional fee added which will be required to be collected from those whom have made or will make application for a tax deed. The new fee not including the $75 processing fee will be for the electronic filing of a tax deed application. There is also a new option for deferring taxes. Now the Florida Dept of Rev must mandate the changes among the states Clerk's offices: a memorandum is sent , meetings are scheduled, Clerk's offices and county attorney's will implement changes and determine time frame for implementation with agreement from the BOCC for time frame. Anyways, there is about 15 different changes being made most of which do not affect us. The short answer is as soon as the changes are implemented the sales will return. Usually, it takes the Clerk a few weeks to about 2 months depending on the scope of changes to be implemented. BTW=Do you have any photo's of your excellent purchase? If so, please forward them on to me, I would love to take a look. What is your plan for the property, use as rental or flip? I have been recently telling all to hold for the 4 years as a rental. The resell prices will have gained some ground by then and you won't have to deal with the quiet title action.
Good Luck, Hope This Helps
I was so grateful for your book, especially when so many people (the president of a title company included!) told me NOT to buy a tax deed because the title wouldn't be clear AND the bank would come after me. I'm so happy I followed your advice instead of listening to them.
I did my homework and then purchased a 1400 sq home for 24K at the Brevard County tax deed sale in May. I pull $800 per month rent. The house did require some work...new roof, etc. I've done lots of remodels over the years, so no big deal. Please find a pre-remodel pic below.
I currently have 4 properties and I'd already planned to hold everything for at least 4 years. I'm glad to know I'm doing the right thing. The rental market is hot here, so holding shouldn't be a problem.
My biggest obstacle now is capital. I'm netting about 18K per year (37K gross) on my current properties. Enough to acquire maybe one more property in the next 12-18 months but I'm very frustrated that I can't acquire more properties right now.
As far as passing on the information...I tell everyone! But they are too afraid to take the leap plus so many folks seem to have an aversion to land lording. I've had several different rental properties over the last 15 years and (knock on wood!) I've never had even a single late payment or any major damage. I'm sure it will happen eventually, but I'm prepared for it.
Thanks again!
------------ We are definitely on the same page, glad to see the information being utilized, great job! I do have a question for you and it seems you may know the answer. Is there any truth to this information in regards to the current and future shape of the rental market in Brevard?
Position: There are only 2,125 available low income vouchers via Section 8 Housing and another 650 units available through Brevard Housing Authority and Melbourne Housing Authority. There will be additional need for low income housing in the future and with the increased number of unemployed these gov't programs would create little competition in the market or electing to participate in these programs would lessen the burden of seeking renters.
Have a Great Day
The main employers in South Brevard, Harris Corp and other high tech and government contractors (unrelated to NASA), are doing well. Construction workers are South Brevard's biggest group of unemployed.
What's the source for the report you referenced? OTHER Q&A, FAQ PAGES |
